MetLife Home Loans Closes Its Doors
Texas-based MetLife Home Loans has stopped accepting new mortgage loan applications and will exit the mortgage business.
Citing frustration over new lending regulations, parent company MetLife had been trying to sell the mortgage division since last October, but was unable to find a buyer.
MetLife Home Loans was the 13th largest mortgage originator in the country in 2010, writing more than $22 billion in home loans.
The company will continue to write reverse mortgages.
The company’s closure will result in job losses for most of its 4,300 employees, including about 1,500 sales associates.
Source: HousingWire.com article
January 12th, 2012 Posted in Inside Real Estate
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